Circuit breakers are generally designed to be used with coarse stranded wire. But in marine and other applications, fine stranded wire is employed, and this is less suited to this kind of termination, absent a ferrule.
As for “maximizing contact area”, that is a misunderstanding (reflected also in Guy’s post about MPPT terminals). What counts is the contact resistance achieved, and the long-term stability of that contact resistance, which, for a clamped contact, depends on a combination of surface area and much more critically, contact pressure. More area with less pressure (same clamping force) does not necessarily help, given typical current densities through the contact zone. It is however important that the bulk of the strands carry current.
A ferrule (properly sized and crimped) forms all the strands into a gas-tight bundle after crimping. Then when that enclosed bundle is crushed and properly tightened in a terminal (ideally a cage-type terminal), that bundle is compressed into contact across the final width (enlarged by deformation) and makes a high quality, low resistance contact. The ferrule is ordinarily tinned, so is less subject to corrosion., e.g., with salt air, than if untinned wire is used without a ferrule.
Among the disadvantages of using fine-stranded wire in cage terminals without a ferrule (of course, you should not use such wire with a screw terminal) is that if the wire is significantly smaller that the maximum size allowed for the terminal, the strands on each side of the bundle can get displaced to the sides, while the center of the bundle absorbs the bulk of the clamp force, leaving the outer strands poorly connected. Fine stranded wire used without a ferrule can also be more subject to relaxation of contact pressure over time and with vibration, thermal cycling, etc.
There are of course other advantages for ferrules (I’m assuming the type with a plastic collar), like guarding against errant strands, ease of insertion into the terminal (try inserting the maximum allowed fine-stranded size wire into a terminal without a ferrule, especially in awkward situations), preventing over-insertion of wire stripped too short (thus allowing insulation to enter the clamp area), providing some strain relief to the wire, etc.